In a wirehouse first, Merrill Lynch is distributing a non-traded REIT, InvestmentNews reports. (IN) Long the domain of small broker-dealers, this represents an experiment in the sales of these often speculative and illiquid investment. Although still a very expensive investment, the Jones Lang LaSalle REIT will come with a maximum 3.5 percent upfront commission for its Class A shares. This compares to seven to 10 percent commissions in many similar products.
Also of note is the availability of a daily quote on the shares (although this does not mean an investor could sell their shares at that price.)
The prospectus can be found here.